The elites haven't changed since the game started, so using the 90's & early 00's they were elite and they've remained there ever since. Many many many users over the years have requested a sort of "rolling" elite status where it is based on things like win-loss record, bowl appearances/wins, etc over a period of say the last 10 years (just using a round number, there have been tons of different ideas) that would allow you to build your school into an elite, but it has never come to fruition.